A record number of stores vanished from UK high streets in 2018 April 10, 2019 Fears for the future of Britain’s retail industry have been underlined this morning as new data shows a historic low number of store openings on the high street last year. A record net 2,481 stores vanished from Britain’s busiest high streets in 2018, as rising costs and weaker spending took its toll on bricks-and-mortar groups [...]
Mike Ashley could use a lesson in subtlety after Debenhams April 10, 2019 Britain's leading retail maverick Mike Ashley is known for using intemperate language – but in his reaction to the collapse of long-term target Debenhams yesterday, he excelled himself. Ashley issued a statement in which he savaged politicians and regulators for being “as effective as a chocolate teapot”, and called for advisers on the deal to [...]
Lush ditches social media amid switch to influencer marketing April 9, 2019 Cosmetics retailer Lush is cutting down its social media presence in a bid to encourage one-to-one contact with its customers. The soap specialist has revealed its plan to “switch up social”, saying from next week it will interact with punters over live chat on or its website, or by email or phone. Read more: Social [...]
‘National scandal’: Mike Ashley lashes out as Debenhams falls into clutches of lenders April 9, 2019 Sports Direct owner Mike Ashley has launched a scathing attack on the board of Debenhams this afternoon as the British high street stalwart fell into administration. Read more: Debenhams falls into administration as lenders take over The billionaire called on authorities to reverse the administration process that started today and reiterated his calls for advisers on [...]
Debenhams falls into administration as Sports Direct fails with £200m equity offer April 9, 2019 Embattled department store chain Debenhams has fallen into the hands of its lenders, entering administration despite an 11th-hour bid from Sports Direct billionaire Mike Ashley to keep it public. Read more: Debenhams shares suspended as it falls into clutches of lenders Although the retailer’s 165 stores will continue to trade, some 50 outlets have already been flagged [...]
British American Tobacco calls in headhunters as chairman prepares to step down April 9, 2019 The chairman of British American Tobacco (BAT) is set to step down as changes to financial regulations mean he can no longer serve on the board. Richard Burrows, who has chaired the firm since 2009, is the latest victim of new City rules meaning directors can no longer be considered independent after nine years. Read [...]
Waitrose removes ‘ugly’ Easter chocolate duckling from shelves after complaints of racism April 9, 2019 Waitrose has been forced to apologise and temporarily remove a trio of chocolate ducklings from its shelves, after customers complained about the darkest one being called “Ugly”. One customer tweeted to say it “doesn’t look good at all. Thousands of other options… why ugly?????” Read more: Telegraph hires Waitrose editor who resigned after vegan row [...]
Cake walk: Cake Box revenues soar 30 per cent after summer IPO April 9, 2019 Cake Box today predicted a sweet end to its first year as a public company, telling investors that revenue will rise 30 per cent year on year to a record £17.1m for the 12 months to the end of March. Like-for-like sales growth of 6.5 per cent was the icing on the cake after the [...]
Debenhams shares suspended as it prepares to fall into administration April 9, 2019 Debenhams’ shares were suspended this morning as it prepares to go into administration, falling into the hands of lenders after rejecting an improved equity offer from Sports Direct. Read more: Debenhams shares slump as shareholders risk losing everything The Financial Conduct Authority temporarily suspended trading of the under-fire department store “at the request of the [...]
Hornby expects revenue to fall despite turnaround plan April 9, 2019 Model train-maker Hornby said today revenue for the year would be lower than the previous year due to issues with stock shortages. In a trading update for the year to 31 March it said that despite these “legacy issues”, its underlying margins have improved and reduction in overheads has continued. Read more: Hornby narrows losses [...]